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Revenue | 6 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table provides information regarding the Company’s revenue for each of the services it provides pursuant to its spectrum revenue agreements for the three and six months ended September 30, 2025 and 2024 (in thousands):
| Three months ended September 30, |  | Six months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Spectrum revenue |  |  |  |  |  |  |
900 MHz Broadband Spectrum Revenue |  |  |  |  |  |  |
Ameren Corporation | $ | 206 |  | $ | 182 |  | $ | 412 |  | $ | 338
Evergy | 385 |  | 385 |  | 770 |  | 771
Xcel Energy | 884 |  | 802 |  | 1,685 |  | 1,603
TECO (1) | 77 |  | — |  | 103 |  | —
Narrowband Spectrum Revenue |  |  |  |  |  |  |
Motorola (2) | — |  | 182 |  | — |  | 364
Total spectrum revenue (3) | $ | 1,552 |  | $ | 1,551 |  | $ | 2,970 |  | $ | 3,076
1.The Company commenced revenue recognition in connection with the delivery of cleared 900 MHz Broadband Spectrum and the associated broadband licenses to Tampa Electric Company (“TECO”) in June 2025. 2.As of December 31, 2024, the Company recognized all the revenue associated with the 2014 Motorola spectrum agreement. 3.Revenue recognized during the three and six months ended September 30, 2025 and 2024 was included in deferred revenue at the beginning of the respective periods. Spectrum Revenue Agreements Refer to the Company’s 2025 Annual Report for a description of the Company’s spectrum revenue agreements entered into prior to March 31, 2025. Capitalized Contract Costs The Company capitalizes incremental costs associated with obtaining a spectrum agreement with a customer, which generally includes sales commissions. Capitalized incremental costs are amortized over the contractual term beginning on the first delivery of a broadband lease. The Company’s capitalized contract costs consisted of the following activity during the three and six months ended September 30, 2025 and 2024 (in thousands):
| Three months ended September 30, |  | Six months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at the beginning of the period | $ | 1,271 |  | $ | 1,023 |  | $ | 1,241 |  | $ | 1,027
Additions | 125 |  | 90 |  | 174 |  | 116
Amortization | (5) |  |  | (11) |  |  | (24) |  |  | (41) |
Balance at the end of the period | 1,391 |  | 1,102 |  | 1,391 |  | 1,102
Less amount classified as current assets (1) | (24) |  |  | (676) |  |  | (24) |  |  | (676) |
Noncurrent assets (1) | $ | 1,367 |  | $ | 426 |  | $ | 1,367 |  | $ | 426
1.Current assets are recorded as prepaid expenses and other current assets and noncurrent assets are recorded as other assets on the Company’s Consolidated Balance Sheets. Contract Liabilities Contract liabilities primarily relate to advanced consideration received from customers in connection with spectrum revenue agreements, for which revenue is recognized over the term of each delivered broadband lease. The Company’s contract liabilities consisted of the following activity during the three and six months ended September 30, 2025 and 2024 (in thousands):
| Three months ended September 30, |  | Six months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance at the beginning of the period | $ | 128,214 |  | $ | 120,687 |  | $ | 124,672 |  | $ | 122,212
Net additions (1) | 3,754 |  | 7,491 |  | 8,714 |  | 7,491
Revenue recognized | (1,552) |  |  | (1,551) |  |  | (2,970) |  |  | (3,076) |
Balance at the end of the period | 130,416 |  | 126,627 |  | 130,416 |  | 126,627
Less amount classified as current liabilities (2) | (6,872) |  |  | (5,915) |  |  | (6,872) |  |  | (5,915) |
Noncurrent liabilities (2) | $ | 123,544 |  | $ | 120,712 |  | $ | 123,544 |  | $ | 120,712
1.Represents milestone payments received from customer contracts pursuant to the terms of the associated spectrum revenue agreements, net of delivery delay adjustments. 2.Current liabilities and noncurrent liabilities are recorded as deferred revenue on the Company’s Consolidated Balance Sheets. Remaining Performance Obligations Revenue allocated to remaining performance obligations of the Company’s contracts represent contracted revenue that will be recognized in future periods. Total performance obligations include deferred revenue (i.e., contract liabilities) as well as amounts that will be invoiced and recognized in future periods. Revenue allocated to remaining performance obligations was $178.5 million as of September 30, 2025, which will be recognized over the remaining contract terms up to 30 years.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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